Note 5 - Leases

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

5. Leases

The Company leases certain revenue and service equipment and office and terminal facilities under long-term noncancelable operating lease agreements expiring at various dates through

October 2027.

Rental expense under noncancelable operating leases was approximately

$19.4

million and

$15.5

million for the

three

months ended

September 30, 2018

and

2017,

respectively, and

$59.3

million and

$55.7

million for the

nine

months ended

September 30, 2018

and

2017,

respectively. Revenue equipment lease terms for new equipment are generally

three

to

five

years for tractors and

five

to

eight

years for trailers. The lease terms generally represent the estimated usage period of the equipment, which is generally substantially less than the economic lives. The Company leases certain of its revenue equipment under capital lease agreements. The terms of the capital leases expire at various dates through

April 

2024.

Certain revenue equipment leases provide for guarantees by the Company of a portion of the specified residual value at the end of the lease term. The maximum potential amount of future payments (undiscounted) under these guarantees is approximately

$28.3

million at

September 

30,

2018.

The residual value of a portion of the related leased revenue equipment is covered by repurchase or trade agreements between the Company and the equipment manufacturer.